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Consent 3b
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Last modified
8/16/2009 2:38:57 PM
Creation date
3/31/2008 4:23:54 PM
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Board Meetings
Board Meeting Date
3/18/2008
Description
CF Section – Changes to Existing Loans - South Side Ditch Company - Ditch Rehabilitation Project
Board Meetings - Doc Type
Memo
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STATE OF COLORADO <br />Colorado Water Conservation Soard <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 8663441 <br />FAX: (303) 866-4474 <br /> Bill Ritter Jr. <br /> <br />TO: <br />Colorado Water Conservation Board Members Governor <br /> Harris D. Sherman <br /> DNR Executive <br />FROM: Tim Feehan, P.E., Project Manager Director <br /> Mike Serlet, P.E., Chief, Jernufer z. ciuihei <br /> Water Supply Planning and Finance Section ewes Direct°r <br /> Dan McAuliffe <br />DATE: March 11, 2008 cwcB Depute <br /> Director <br />SUBJECT: Consent Agenda Item 3b, March 18-19, 2008 Board Meeting <br /> Water Supply Planning and Finance -Changes to Existing Loans <br /> South Side Ditch Company -Ditch Rehabilitation Project <br />Introduction <br />At the May 2005 Board Meeting, the Board authorized staff to present revisions to existing <br />loans, totaling less then 20% of the original loan, as Consent Agenda Items. The South Side <br />Ditch Company loan increase presented below represents an approximate 20% increase to the <br />Company's original estimated project cost. <br />At the January 2003 board meeting, the Colorado Water Conservation Board (CWCB) approved a <br />loan to the South Side Ditch Company (Company) in the amount of $72,000 from the Construction <br />Fund Account. The $72,000 loan was for the construction of three hydraulic cont!-ol structures and <br />the rehabilitation of three sections of ditch. <br />The Company is requesting (see attached letter), an increase of $15,000 to the Company's 2003 <br />authorization of $72,000, to complete the rehabilitation of the final ditch section. The requested <br />loan increase is the result of increasing the length of repair along the Sylvan Dale Ditch Section <br />approximately 650-feet. <br />Staff Recommendation <br />Staff recommends a loan not to exceed $87,870 ($87,000 for project costs and $870 for the 1% <br />Loan Service Fee) to the South Side Ditch Company for engineering and construction costs <br />associated with the South Side Ditch Rehabilitation Project, from the Construction Fund Account. <br />The terms shall be based on their previous blended rate of 3.1% per annum for 30-years. Final <br />approval of the loan shall be conditioned upon all standard contracting provisions of the CWCB <br />Loan Program. Security for the loan shall be collateral in compliance with CWCB Loan Policy #5. <br />
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